Investments

Investments consist of the following (in thousands):



	April 30,
	2019		2018
Trading:
Debt securities—Tax-exempt state and municipal bonds	$	16,192	$	23,889
Marketable equity securities	11,002		11,125
	$	27,194	$	35,014

The total carrying value of all investments on a consolidated basis was approximately $27.2 million and $35.0 million at April 30, 2019 and 2018, respectively. At April 30, 2019, there were approximately $2.5 million in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet. At April 30, 2018, there were approximately $8.9 million in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet.

The contractual maturities of debt securities classified as trading at April 30, 2019 and 2018 were as follows (in thousands):



	2019		2018
Due within one year	$	13,708	$	14,996
Due within two years	2,484		8,893
Due within three years	—		—
Due after three years	—		—
	$	16,192	$	23,889

In 2019, 2018 and 2017, the Company’s investment portfolio of trading securities experienced net unrealized holding gains of approximately $1.0 million and $0.9 million and losses of $1.3 million, respectively, which have been included in other income, net in the accompanying consolidated statements of operations. In 2019, 2018 and 2017, the Company’s investment portfolio of trading securities experienced net realized holding losses of approximately $0.6 million, $0.7 million and $0.9 million, respectively.